Real estate

Should You Sell Your House As is? Know What to Expect

If you are wanting to sell your home, you have a few options. Fix everything that needs to be fixed so your house is perfect and you can ask the highest price for it.

You can fix up the little things, minor repairs, painting, etc. Or you can just say nope, and put your house up for sale as is. Let’s look at what to know about selling a house as is.

You Don’t Have to Fix Anything

If you are going as is, you are telling buyers that you will not be doing anything. Though you still want to clean and declutter your house, you aren’t doing any big repairs. Things like the roof, huge landscaping issues, appliances, wiring, etc. won’t be an expense to you.

The buyer knows that you aren’t spending money on big ticket issues. They are aware going into that they would be responsible for anything major that an inspection brings up.

You Save Money

With that in mind, you won’t need to take out a small loan to fix up your house. This will definitely save you money. It will also take some stress off of your plate too.

Not having to worry about the money, but also not having to worry about calling and getting quotes, dealing with contractors, and finding out that certain jobs will cost more than the initial quote.

None of that sounds like fun,

You May Not Get the Amount You Want

Okay, you need to know that the asking price will have to reflect the fact that you aren’t willing to do any work. You can ask for whatever you want, but know that getting above market price without doing any work will not happen.

Getting market price will even be a stretch. You’ll have to be okay with getting lower than what other houses in the market are going for. Less work means less profits from the sale.

It’s a tradeoff. You don’t always get more for some of the changes you make anyway. So if you don’t want to risk it and are okay with a little less for your house, then go for it.

You May Have Your House Longer

Selling as is doesn’t attract as many buyers. When people see that they tend to steer clear. Though that doesn’t always mean the house is about to fall in, buyers hear that and think they’ll have to dump a huge amount of money into it just to make it livable.

That’s definitely not always the case, but it sends that message. The other hiccup is that when getting a loan, lenders don’t want to loan to people buying an as is house. They see it as too risky.

So if you are selling your house that way, be prepared to be patient. It may take a little longer to find the right seller.

Be Proactive

If you are going this route and want to attract as many potential buyers as possible, do the homework for them.

  • Get an inspection

Then everyone will know the ups and downs of the house up front. Buyers will appreciate it.

  • Disclose what you know

If you know the house will need a new rood in a few years, put it out there. If you know the wiring sucks, disclose it. Again, buyers will appreciate your honesty and be more inclined to put an offer in.

If the overall rewards for fixing it yourself isn’t worth your time to you, then as is is the way to go. If you do not want to do all of that work, or if you don’t have the money, selling your house as is can be an easy option for you.

A post by Kidal D. (4839 Posts)

Kidal D. is author at LeraBlog. The author's views are entirely their own and may not reflect the views and opinions of LeraBlog staff.

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